Hedge fund accuses $3 billion travel specialist Corporate Travel Management of running “phantom” offices in Europe and America. : Hedge fund VGI Partners has publicly accused the $3 billion travel specialist Corporate Travel Management of aggressive accounting, poor disclosure and running “phantom” offices in Europe and America. VGI Partners, which has a solid reputation for picking market winners and losers including Slater & Gordon in 2015, has taken a short position over the travel provider after it identified 20 “red flags” in a scathing 176 page presentation distributed to its clients.